Hedge funds’ bullish bets on gold jump to four-year high
Hedge funds and other large speculators boosted their net-long position in gold.
Wealth-X reports that Perth, one of the world’s most isolated capitals, ranks as Australia’s fourth most popular destination for the country’s super rich, and the city is climbing the rankings.
The top spot went to Sydney, followed by Melbourne at number two and then Brisbane at number three. Wealth-X sees Brisbane falling to Perth by 2014.
“Perth presents a wealth of potential for private banks, not-for-profits and luxury brands to tap,” said Mykolas Rambus, CEO of Wealth-X in a statement.
“The surge in commodity prices will lead to a flush of new wealth and the challenge is for private bankers, not-for-profits and luxury brands need to ensure they are well-positioned to ride on this wave. By mapping where the centres of wealth are they can target their resources more effectively.”
In 2008-2009, A$560 million was spent on iron exploration alone, and in the same year the Western Australian Government received iron ore royalties totalling A$1.7 billion.
Image of Rottnest Island, 18km from Perth
